A supply curve is positively sloped because
Supply always exceeds demand
Demand always exceeds supply
Price is an incentive to consumers
Price is an incentive to producers
Correct answer is D
A supply curve is positively sloped because as the price of a commodity increase in the market, the amount supplied increases. Producers will be willing to supply more of their products as prices increase.
A major assumption in cardinal utility theory is that
Utility is measureable
Utility is not measurable
Total utility equals marginal utility
Total utility is constant
Correct answer is A
One of the assumptions of the cardinal utility approach is that money must measure the same amount of utility under all circumstances.
The demand curve for a luxury good is
Negatively sloped
Parallel to the price axis
Parallel to the quantity axis
Positively sloped
Correct answer is D
The demand for a luxury good upward and positively sloping. Meaning the demand increases as the price increases.
A movement along the same demand curve is caused by the
Price of the product
Price of other products
Income of the consumer
Taste of the consumer
Correct answer is A
A change in price leads to a movement along the demand curve and is referred to as a change in quantity demanded.
The privatization exercise in Nigeria is a move towards a
Mixed economy
Subsistence economy
Market economy
Command economy
Correct answer is C
Privatization is geared towards a market economy in which economic decisions and the pricing of goods and services are determined by the supply and demand of goods and services. In this market economy, private individuals are major players and are actively involved in the production process.